FACEIT to pay winnings in crypto following multi-million dollar partnership with Cake DeFi

(Photo by Cooper Neill/Getty Images)

The London founded gaming firm FACEIT announced a multi-million dollar partnership with fast growing crypto fintech platform Cake DeFi this morning, allowing users to earn their winnings in crypto.

Through CakeDefi’s platform and access to decentralised finance applications, FACEIT’s 25 million gamers can compound their winnings and earn returns on their crypto.

Commenting on the deal, Co-Founder & CBO of FACEIT Michele Attisani said: “The FACEIT platform is home to the largest community of competitive gamers, which means we have a unique understanding of this audience. Our users are incredibly forward thinking and educated when it comes to crypto, so the partnership we chose had to bring tangible and substantial value to be of interest.

“The collaboration with Cake DeFi is much more than brand integration, and offers our community clear experiential and financial benefits which go beyond what any partnerships of this type has delivered before.”

Research has suggested that over half of the Millennials gamers own crypto as compared to just five per cent of all Millennials, showing a notable connection between the gaming and crypto industry. 

Dr. Julian Hosp, CEO and Co-Founder of Cake DeFi explained that gamers have a “natural affinity with crypto”, and was excited for the partnership.

Cake DeFi is one of the fastest growing platforms, and currently manages over $1bn in customer assets.

The gaming titan paid out $230m in rewards to customers, and Hosp called the partnership with the gaming firm, which hosts the likes of League of Legends, as a “a win-win-win for FACEIT gamers.”